An apartment in Flow Residences, the beachfront tower overlooking Rainbow Bay and the Snapper Rocks surf break, has resold off market for $7.4 million. The seventh floor residence first sold off the plan in 2020 for $3,270,000, so the new figure is more than double what the original buyer paid, at a rate above $30,000 a square metre.
Flow was the first of developer S&S Projects’ apartment buildings on the southern Gold Coast, completed about three years ago at 1 Petrie Street, Coolangatta, on the corner of Marine Parade. Designed by architect Cottee Parker and built by McNab for S&S Projects, founded by local developer and surfer Paul Gedoun, it holds just 22 residences across 12 storeys on a north facing site above Greenmount Beach, Rainbow Bay and Snapper Rocks.
The residence that has changed hands runs to 187 square metres of internal space and a 54 square metre balcony, with three bedrooms, three bathrooms and a powder room, and sweeping views over Froggies Beach and the Snapper Rocks break. The off market deal, to a local family, was negotiated by Kerry Pezet of Gold Coast agency Pezet Matheson, which was also the original marketing agent that sold Flow off the plan five years ago.
Flow is one of the Gold Coast’s most tightly held buildings. Buyers from our databases move quickly when residences become available, and achieving an off market sale at $7.4 million demonstrates the depth of demand for property of this calibre.
Kerry Pezet, Pezet Matheson
Cottee Parker, the architect behind Brisbane’s Queen’s Wharf residential towers, set out to blend the simplicity of a traditional coastal shack with luxury finishes. The result is a stack of curved balconies wrapped in greenery and vertical timber screens, above a ground level given over to residents. The building’s amenity runs to a beach club with a recreation deck, private dining and function spaces, wine cellars, a gym, and board lockers for surfers heading to the point.
Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive residents amenity, and premium finishes, which is exactly what discerning purchasers are seeking.
Mitchell Lambert, Pezet Matheson
The sale sits within a wider run of activity on the southern Gold Coast, where S&S Projects has built a beachfront pipeline around Rainbow Bay. Flow was the first, followed by Awaken, Esprit and the 38 apartment Radia now under construction, with a larger 88 apartment building lodged for Boundary Street, Coolangatta. Agents point to limited supply and tightly held stock as the reason values in the pocket keep climbing.
The transaction further reinforces Rainbow Bay’s reputation as one of Australia’s premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance.
Mitchell Lambert, Pezet Matheson
Few residences have changed hands at Flow since it was completed, which is part of why the resale drew attention. For a building that sold out off the plan, a $7.4 million off market deal five years on is, as the agents put it, a full circle moment for a pocket of the coast where opportunities to buy are rare.
Project Rundown
| Development Parameter | Detail |
|---|---|
| Address | 1 Petrie Street, Coolangatta QLD 4225 (corner of Marine Parade, Rainbow Bay) |
| Development Type | Residential Apartments |
| Building | 22 residences over 12 storeys |
| Apartment Mix | 2, 3 and 4 bedroom residences |
| Status | Completed (about 2023) |
| Recent Sale | Seventh floor residence, 3 bedrooms, 187 m² internal plus a 54 m² balcony, resold off market for $7.4 million (over $30,000 per m²). It first sold off the plan in 2020 for $3.27 million |
| Amenity | Beach club and recreation deck, private dining and function spaces, wine cellars, gym, and surfboard lockers |
| Outlook | North facing over Greenmount Beach, Rainbow Bay, Snapper Rocks and Froggies Beach |
| Launch Pricing | From $1.175 million (2020) |
| Project Value | About $70 million |
| Developer | S&S Projects (Paul Gedoun) |
| Architect | Cottee Parker |
| Builder | McNab |
| Engineer | Enginova |
| Sales and Marketing | Pezet Matheson |
| Precinct | One of S&S Projects’ Rainbow Bay beachfront projects, alongside Awaken, Esprit, the 38 apartment Radia (under construction) and a larger project lodged for Boundary Street |
About the developer: S&S Projects
S&S Projects is a Gold Coast developer led by Paul Gedoun, an avid surfer who has focused his business on the tightly held beachfront around Rainbow Bay. Flow was the company’s first apartment project in the pocket, and it has since added Awaken, Esprit and Radia, with further buildings in planning, lifting its Rainbow Bay portfolio past $1 billion in value.
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